SMM Brief on SHFE Copper Prices (2013-6-6)

SHANGHAI, Jun. 6 (SMM) – SHFE 1310 copper contract started Thursday RMB 110/mt lower at RMB 53,200/mt as LME copper pulled back after hitting high last night. After its opening, the most active SHFE copper contract stabilized at the daily moving average, but failed to touch the 60-day moving average. In the afternoon,  SHFE copper for October delivery was weighted down by plummeting Shanghai Composite Index to RMB 52,710/mt, and finally ended the day at RMB 52,900/mt, down RMB 410/mt or 0.77%. Trading volumes and positions were up 181,000 lots and 31,244 lots, respectively. Resistance remains strong at the 60-day moving average and copper prices are facing selling pressure at highs.